Is pet insurance coverage worth it?

A current query that was posed for my News Corp Gen Y column is regardless of whether pet insurance is worth it for most households.

Australia has a single of the highest prices of pet ownership in the planet, with an estimated 63 % of households obtaining at least a single pet, according to the Animal Well being Alliance of Australia. Not surprisingly dogs are the most typical pet (yes, I am a dog person) numbering around 4.2 million. Both dogs and cats are an integral element of our life and for most households I’d suggest that they are worth insuring.

There are various sorts of pet insurance coverage offered even though and the product you decide on will influence the cost. In broad terms, pet owners can decide on between accident-only cover (common accidents), accident and illness cover (accidents plus common non-preventable illnesses) and extensive cover (very same as before plus some cover for routine remedies).  Other aspects affecting the price are the type, age and size of your animal. As a rule of thumb although, current CANSTAR analysis calculated that for a 3 year-old dog, accident cover will set you back about $ 230 – $ 260 per year accident and illness cover is around $ 540 to $ 700 per year and comprehensive cover is $ 620 – $ 870 per year. Cats are less costly.

It is essential to be conscious of benefit limitations on policies even though. For example you may possibly discover that emergency surgery costs are covered, but only up to, say, $ 3,000. If the surgery bill ends up at $ 10,000, you’ll be in for a nasty shock. Also be conscious of exclusions. For instance, skipping a vaccination could void your cover for that situation.

So the bottom line is that yes, I feel family pets are worth the price of the insurance coverage – but read your policy very carefully to make confident you have selected a very good-top quality cover. CANSTAR’s annual Pet Insurance Star Ratings are a excellent location to commence your search!

Is pet insurance coverage worth it?